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Tuesday 18th January 2011

 

Ranges

NZD/USD  7340/7815

AUD/USD  9802/1.0255

NZD/AUD   7400/7800

 

Over the break

The Kiwi experienced its usual rally over the holiday period. This was countered early by some positive data out of the States and the continued worries around European sovereign debt. The European issue just won’t go away and until all the truth comes out then the markets will be at the whim of news releases. The AUD has traded around parity with the USD now for some time and looks set to continue to see saw around this level.

The big mover over the period was a rally back in NZD/AUD as it bounced nicely off the 74cent mark, which was the previous low and has since showed some good signs of strengthening.

From here

Asian inflation issues will have the front seat for a bit here, as the market looks at the Chinese raising rates followed by a host of other Asian economies.

This will underpin Aussie and Kiwi for the meantime but can be countered slightly by some positive results out from the US.

The other side of the coin is as we have said the European sovereign debt issues, it looks like the old world is truly starting to fall behind.

Expect to see Kiwi trade inside of 74-80 for a bit as most currencies apart to be in midrange for now

 

We expect a final resolution this month regarding NZCCY issues. The counterparties have final drafts now and we expect them signed off soon.

 
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